CELF reprices €364.2 million; CSAM resets $1.03 billion CLO; Crestline closes reprint

By Cristal Cody

Tupelo, Miss., Oct. 23 – Refinancing action remains steady in the U.S. and European CLO markets.

CELF Advisors LLP repriced €364.2 million of notes in a reset of a 2014 CLO deal.

Credit Suisse Asset Management, LLC closed Monday on a $1.03 billion reset and second refinancing of a 2014 vintage CLO transaction.

Also, Crestline Denali Capital, LP closed on its previously reported $310.24 million second refinancing of the Denali Capital CLO XI, Ltd./Denali Capital CLO XI LLC deal, according to a notice of executed second supplemental indenture.

The CLO priced $212.2 million of the class A-1-RR senior secured floating-rate notes at Libor plus 113 basis points.

The original $413.68 million CLO was issued March 5, 2015 and was first refinanced July 20, 2017.

In the original issuance, Denali Capital CLO XI sold $253.5 million of the class A-1 senior secured floating-rate notes at Libor plus 157 bps.

Natixis Securities Americas, LLC was the refinancing placement agent.

Year to date, more than $130 billion of dollar-denominated CLOs and more than €15 billion of euro-denominated CLOs have been refinanced, according to market sources.

CELF refinances

CELF Advisors priced €364.2 million of fixed- and floating-rate notes in a reset of a vintage 2014 euro-denominated CLO offering that was previously refinanced in 2017, according to a market source and a notice to noteholders on Tuesday.

Carlyle Global Market Strategies Euro CLO 2014-2 DAC sold €239.4 million of the class A-1-R senior secured floating-rate notes at par to yield Euribor plus 96 bps.

Goldman Sachs International was the refinancing agent.

The maturity will be extended to Nov. 17, 2031 from the original Aug. 16, 2027 maturity.

In the original €402 million offering issued June 26, 2014, Carlyle Global Market Strategies Euro CLO 2014-2, Ltd. priced €234.6 million of class A-1 floating-rate notes at Euribor plus 135 bps.

The CLO was first refinanced Feb. 15, 2017.

The London-based CLO manager is part of Washington, D.C.-based Carlyle Group LP.

CSAM reprices XIV

Credit Suisse Asset Management priced a $1.03 billion reset and second refinancing of a 2014 vintage CLO transaction, according to a market source and a notice of executed amended and restated indenture on Tuesday.

Madison Park Funding XIV Ltd./Madison Park Funding XIV LLC priced $620 million of class A-1-RR floating-rate notes at Libor plus 115 bps at the top of the capital stack.

Morgan Stanley & Co. LLC was the refinancing placement agent.

The maturity was extended to Oct. 22, 2030 from the original July 21, 2026 maturity.

In the original $1,036,000,000 CLO offering issued Aug. 6, 2014, the CLO sold $620 million of class A floating-rate notes at Libor plus 145 bps.

The CLO was first partially refinanced on April 20, 2017.

Credit Suisse Asset Management, a unit of Credit Suisse Group AG, priced one new U.S. CLO and refinanced seven vintage U.S. CLOs in 2017.

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